Crude oil prices rebounded today after a cargo vessel was hit by an unknown projectile off the coast of Oman in the Strait of Hormuz. August WTI crude oil rose 1.24 dollars, or 1.76 percent, and August RBOB gasoline gained 0.0754 dollars, or 2.70 percent, as short covering emerged following the incident reported by the UK Maritime Trade Operations. Prices had earlier fallen to a four-month low on the resumption of crude supplies through the reopened Strait of Hormuz, which is releasing more than 100 laden ships carrying oil from Middle Eastern countries other than Iran that had been stuck in the Persian Gulf. The rebound was tempered by news that Saudi Arabian ships are heading for the Ras Tanura terminal, signaling the kingdom's first exports from inside the Persian Gulf since March, and by Iraq's warning that it might quit OPEC if it does not receive a higher output quota. The International Energy Agency estimated that the United Arab Emirates is exporting oil at nearly 85 percent of pre-war levels, while Goldman Sachs cut its Brent crude price forecast to 80 dollars a barrel in the fourth quarter and expects Persian Gulf crude exports to return to pre-war levels by the end of July.
ship hit off Omani coast raises supply disruption risk, boosting gasoline prices
ship hit off Omani coast raises supply disruption risk in Strait of Hormuz
